Islamabad – U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced impressive financial results for the nine months ended September 30th, 2023. The results were shared during the Board of Directors’ meeting held in Islamabad yesterday.
The bank reported robust growth across key financial metrics, underscoring its strong performance trajectory. Total revenue for the first nine months reached PKR 33.4 billion, reflecting a substantial 135% year-on-year growth. Profit After Tax stood at PKR 1.7 billion, reversing last year’s nine-month loss of PKR 513 million.
Total deposits grew 44% year-on-year to PKR 103 billion, while the gross loan portfolio rose 59% to PKR 72.5 billion over the same period. The stellar results validate U Bank’s consistent efforts to drive financial inclusion and contribute to economic prosperity in Pakistan through its expanding branch network and diverse product portfolio.
U Bank President & CEO, Mr. Mohamed Essa Al Taheri expressed confidence in the bank’s ability to sustain momentum and deliver profitability despite macroeconomic challenges. He reiterated U Bank’s commitment to serving communities across Pakistan and enabling the financial empowerment of customers from all socioeconomic segments.
With strong governance, prudent financial management, and a far-sighted business strategy, U Bank continues to exhibit the fundamentals for long-term growth. The consistent ‘A+’ credit rating from PACRA and VIS attests to the bank’s stability. As U Bank expands its outreach, it aims to positively impact more lives through access to finance.
The financial statements can be viewed here: https://ubank.com.pk/Downloads/FS-30Sept2023.pdf.
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